We have experienced at our creative offices that cater to tenants 5,000 to 15,000 that credit tenants are far and few between and many prospects are startups or later stage tech tenant startups. We have therefore had to handicap the viability of these tenants. This function is more important today because tech tenants resist posting any significant security. Here are some different classes from best to worst:

1. Profitable (very rare), still has significant cash , significant and rapidly growing revenues (with total rent olbigations under 5%), significant and rapidly growing and diversified customer base , growing revenues, high profit margins, buyout rumors, one of the major players in a certain unique technology.

2.  Almost profitable but has everything else above.

3.  Still has a significant burn but has at least 2 to 3 years left of burn runaway based on current cash levels and a survival plan if venture funding is cut off.  It has everything else as shown above.

4.  Has a rapidly growing and large customer base (or at least unique visits)  and at least a 2 to 3 years left of burn runaway based on current cash levels and a reasonable survival plan if venture funding is cut off.

5.  A new startup with a lot of cash and at least 2 or 3 years left of burn runaway based on current cash levels and a survival plan if venture funding is cut off.

6  A new startup with only one year of cash burn and a very ordinary concept